Broadstone Net Lease, Inc. (NYSE:BNL) Short Interest Up 16.7% in June

Broadstone Net Lease, Inc. (NYSE:BNL) was the target of a large growth in short interest during the month of June. As of June 30th, there was short interest totalling 3,290,000 shares, a growth of 16.7% from the June 15th total of 2,820,000 shares. Approximately 1.8% of the company’s stock are short sold. Based on an average daily trading volume, of 1,080,000 shares, the days-to-cover ratio is presently 3.0 days.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on BNL shares. Wolfe Research reissued a “peer perform” rating on shares of Broadstone Net Lease in a research report on Tuesday, April 9th. KeyCorp started coverage on shares of Broadstone Net Lease in a research note on Wednesday, June 12th. They issued a “sector weight” rating for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Broadstone Net Lease has an average rating of “Hold” and an average price target of $16.75.

Broadstone Net Lease Trading Up 0.4 %

Shares of BNL stock traded up $0.07 during trading hours on Wednesday, hitting $17.34. 657,072 shares of the company were exchanged, compared to its average volume of 1,192,288. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 17.99 and a beta of 1.11. The firm has a fifty day simple moving average of $15.59 and a 200 day simple moving average of $15.54. Broadstone Net Lease has a 52-week low of $13.68 and a 52-week high of $17.59.

Broadstone Net Lease (NYSE:BNL) last released its earnings results on Wednesday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. Broadstone Net Lease had a return on equity of 5.60% and a net margin of 42.23%. The business had revenue of $105.37 million during the quarter, compared to the consensus estimate of $107.76 million. During the same period last year, the business posted $0.34 earnings per share. Sell-side analysts anticipate that Broadstone Net Lease will post 1.39 EPS for the current year.

Broadstone Net Lease Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Friday, June 28th. This is an increase from Broadstone Net Lease’s previous quarterly dividend of $0.29. This represents a $1.16 annualized dividend and a yield of 6.69%. Broadstone Net Lease’s dividend payout ratio is 120.83%.

Institutional Trading of Broadstone Net Lease

A number of institutional investors have recently modified their holdings of BNL. Principal Securities Inc. bought a new position in Broadstone Net Lease in the 4th quarter worth about $32,000. Federated Hermes Inc. bought a new position in shares of Broadstone Net Lease in the fourth quarter valued at approximately $49,000. Tennessee Valley Asset Management Partners purchased a new position in Broadstone Net Lease during the fourth quarter valued at approximately $86,000. Arden Trust Co bought a new stake in Broadstone Net Lease during the 2nd quarter worth approximately $180,000. Finally, Quotient Wealth Partners LLC purchased a new stake in Broadstone Net Lease in the 4th quarter worth approximately $186,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

About Broadstone Net Lease

BNL is an industrial-focused, diversified net lease REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of September 30, 2023, BNL's diversified portfolio consisted of 800 individual net leased commercial properties with 793 properties located in 44 U.S.